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Wednesday, 12 February 2014

Buyers would consider Google, Amazon for insurance needs

Two-thirds of insurance
customers would consider purchasing insurance products from organizations other
than insurers, including 23 percent who would consider buying from online
service providers such as Google
and Amazon.

These are key findings published in new research from
Accenture. The report is based on a survey of more than 6,000 insurance
customers in 11 countries.

“Competition in the insurance industry could quickly
intensify as consumers become open to buying insurance not only from traditional
competitors such as banks but also from Internet giants,” says Michael Lyman,
global managing director for management consulting within Accenture’s Insurance
Industry Practice. “Overall, there is a significant switching risk and we
estimate that up to $400 billion in insurance premiums could change hands
within the insurance industry over the next 12 months.”

The research shows that loyalty in insurance is a key issue.
In the life insurance market, 25 percent of respondents say they are likely to
cancel an existing contract and 35 percent say they are likely to take out a
new contract with a new provider in the next 12 months.

Lower prices and more personalized service are the top
reasons for consumers to switch to a new insurer, cited as important or very
important in switching decisions by 87 percent and 80 percent, respectively, of
the insurance customers surveyed. Forty-one percent of respondents say they are
willing to pay more to get personalized advice when purchasing their insurance.

The research also reveals that 67 percent of consumers are
interested in mobile insurance services — such as sending pictures of their car
to report a claim, or displaying their proof of insurance on their mobile phone
— while 46 percent of the respondents that are mobile device owners have
already used their tablets, and 37 percent their smartphones, to deal with
their insurers.

Also, 35 percent of insurance customers are open to provide
access to their usage or behavior information (such as car-usage or lifestyle
information) if this can give them better value for their insurance coverage.
Almost half (47 percent) of the respondents say it would depend on the
information requested and only 18 percent were not comfortable doing so.